Last month The Loans Engine announced it was scrapping its all-encompassing master broker fee and replacing it with the new £295 application fee.

Dan Miller, underwriting manager of Prestige Finance, said: “We have a long-standing relationship with The Loans Engine and are delighted to be the first lender to complete a loan under its new fee structure.

Steve Harness, commercial director of The Loans Engine, added: “Intermediaries tell us how frustrating the first-charge further advance process can be, and that remortgage just isn’t right for many clients. Now with broker fees of only £295, low interest rates and completion timescales under a week, second charges are a credible alternative which deliver great customer outcomes.”

In August the regulator said it was considering a July 2019 cut-off for PPI claims and would decide before the end of 2016, but the decision has now been put back to the first three months of next year.